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S&P 500 expects a rally to test the supply zone

Yesterday bullish price action in S&P 500 futures (ES) confirmed the bullish bias formed in my analysis regarding the presence of demand as shown in the volume spread analysis. It is expected for S&P 500 to continue to rally up to test the supply zone near 3260 level.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 28 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a losing trade review in the M3 timeframe (including entry, exit and the rationale behind). The trade setup was based on trading the sign of strength rally followed by the backup action and another potential trade was based on Wyckoff law - effort vs result. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

Check out my daily market analysis video yesterday below if you haven’t in order to better relate to the market recap and the trade review.

Bias - bullish (Day trading); bullish (long term)

Key levels - Resistance: 3260, 3310–3340; Support: 3230, 3190, 3170–3180, 3105

Potential setup - Look for potential long entry after a test of the last hour bar from yesterday near 3225.